Singapore Extends Tax Relief

Updated Dec. 10, 2002 12:16 a.m. ET

Singapore will extend rebates on property taxes and lower fuel excise duties for taxis until June 2003 to help businesses ride out the current economic slowdown, the Ministry of Finance said Tuesday. The property tax rebates and lower fuel excise duties were part of a S$11.3 billion (US$6.42 billion) off-budget package unveiled in October 2001 and are due to expire end-2002. The ministry said in a statement the extension would result in savings of about S$308 million for businesses and motorists. The extension came less than a week after the government decided to phase in the increase in the goods and services tax to...